Alaq emphasizes the need to extend the power of the law to pay off non-performing loans

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Alaq emphasizes the need to extend the power of the law to pay off non-performing loans

Economy News Baghdad

The governor of the Central Bank of Iraq, on Monday, the importance of the rule of law to address the phenomenon of non-performing loans, noting that the value of non-performing loans amounted to 6 trillion dinars.

The governor of the Central Bank of Iraq, Ali Alallak, in his speech on the sidelines of the conference, which was attended by "Economy News", that Iraq "need effective measures to extend the rule of law to address the phenomenon of non-payment of loans by the borrowers," pointing to

"the presence of more than 6 trillion dinars Of non-performing loans out of 37 trillion dinars."

He added that "the central bank has become a leading move in monetary policy in Iraq, and even in the Middle East and North Africa," noting that

"concealing the real sector embodied in monetary policy through many initiatives, including the industrial, agricultural and industrial lending of 5 trillion dinars, Financing small projects by a trillion and a half through private and public banks, the largest in the history of Iraq."

"The Central Bank was able to withdraw the economic shock suffered by Iraq through quantitative management, ie pumping liquidity to the market through the purchase of treasury transfers."

He stressed the need to "provide a stable environment and a real will to activate the private sector and protect the national product."